Spock is not greedy – or fearful – when investing. Be like Spock. Here’s how…
Ingram gave the following advice:
Emotion (e.g. greed and fear) destroys wealth.
Mr Spock (a member of the Vulcan species in the Star Trek universe) would’ve rocked at investing.
Vulcans – utterly unencumbered by emotions - are the epitome of rationality.
They don’t get greedy, or fearful – and therefore wouldn’t “buy high” when the market is booming or “sell low” when it drops.
Don’t get complicated.
Investors are spoilt for choice.
The amount and complexity of “products” available are mindboggling.
You don’t have to make investments too complicated. You can keep it simple and do incredibly well by just maintaining your focus.Warren Ingram, Personal Financial Advisor - Galileo Capital
Fees are extremely important.
Most small investors have no idea how much they’re paying in fees.
Nevertheless, fees eat away at wealth far more than most people realise.
I've never been to a braai where people discuss how they cut their investment costs by 0.2 percent. We get excited about our returns, or lack thereof, but fees are rarely discussed.Warren Ingram, Personal Finance Advisor - Galileo Capital
Saving even 0.5% on your investment costs over, say, 10 years has a massive impact on your investment’s performance. That half a percent could be the difference between an OK retirement and an excellent one.Warren Ingram, Personal Finance Advisor - Galileo Capital
Do the basics right. Ignore the noise.
Donald Trump’s trade war! The State Capturers' fightback! The weak economy! The rand is plummeting!
It’s mostly best to stay calm, keep your head down and ignore the racket.
I’m not saying these things are irrelevant. But a lot of it is simply nonsense.Warren Ingram, Personal Finance Advisor - Galileo Capital
Set your goals and keep at your investment strategy.
Ignore the hype and noise. Make logical, rational decisions.Warren Ingram, Personal Finance Advisor - Galileo Capital
In other words, be like Spock so you can live long and prosper.
For more detail, listen to the interview in the audio below.